HOUSTON — NAI Partners has represented landlord Carson Cos. in the lease of a 30,721-square-foot industrial warehouse facility located at 7618 Bluff Point in Houston. Travis Land and Nick Peterson of NAI Partners represented Carson Cos. during the negotiations, while David Carter of Colliers International represented the tenant, Akurate Dynamics LLC.
LARGO, FLA. — Berkadia has brokered the $54 million sale of Madison at Largo, a 444-unit property located at 601 E. Rosemary Road N.E. in Largo, a city in the Tampa Bay area roughly five miles from downtown Clearwater. Since purchasing the property in 2011 for $14.3 million, the seller, West Springfield, Mass.-based Largo Landry LLC, completed major interior and exterior renovations of Madison at Largo. Jason Stanton, Cole Whitaker, Hal Warren and Tal Frydman of Berkadia brokered the transaction. Community amenities include three resort-style pools, a 24-hour fitness center and a lounge with pool tables and bistro seating. Individual residences include breakfast bars, carpet and wood-style flooring, washer and dryer connections and private patios or balconies.
ATLANTA — Pollack Shores Real Estate Group plans to develop a new luxury apartment community located at 1270 Spring St. in Midtown Atlanta. The new 259-unit property, known as 1270 Spring Street, will feature 14,000 square feet of retail space and 3,000 square feet of live/work space. The one-, two- and three-bedroom apartments will feature large balconies, plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. Pollack Shores plans to have the community’s first units available by March 2018 with full completion set for early summer 2018. Upon completion, Matrix Residential, the multifamily residential management division of Pollack Shores, will manage 1270 Spring Street. Pollack Shores’ other recent developments in Atlanta include the residential portion of The Battery Atlanta around SunTrust Park, Steelworks near Atlantic Station and Millworks, The Jane and The Monroe in Buckhead.
COVINGTON, LA. — Evans Senior Investments has arranged the $22.2 million sale of The Trace at Claiborne Hill, a 94-unit independent living, assisted living and memory care community in Covington, approximately 40 miles north of New Orleans. A private equity company acquired the Class A community from a regional operator. The purchase price equates to $236,170 per unit. Built in 2009, The Trace at Claiborne Hill features 70 independent living and assisted living units, plus 24 memory care units added in 2014. At the time of the sale, the facility was 99 percent occupied. The 84,961-square-foot property sits on 2.7 acres in St. Tammany Parish, where the 65-and-older population is projected to increase 47 percent between 2010 and 2019. Evans Senior Investments represented the unnamed seller in the transaction. The capitalization rate was 7 percent on the trailing six months NOI of $1.56 million.
ATLANTA — Admiral Capital Group and Wood Partners have sold 3833 Peachtree, a 222-unit multifamily property in Atlanta. The pair of companies purchased 209 of the 240 units in the broken condominium conversion project in 2012 in a joint venture agreement. During their ownership, Admiral and Wood added a new outdoor pool and cabana area, including outdoor lounge areas. Additionally, the lobby, fitness center, and conference areas were upgraded. JLL’s Atlanta office represented both the undisclosed buyer and sellers in the transaction. The sale represents the eighth transaction for Admiral in its first value-add real estate fund, Admiral Capital Real Estate Fund LP.
PELHAM, ALA. — Trillium Capital Resources has arranged an $18.4 million loan for Grand Reserve of Pelham, a 184-unit apartment complex in Pelham, roughly 20 miles south of Birmingham. Trillium arranged the 12-year, fixed-rate loan through Aegon Insurance Group on behalf of the borrower, an apartment operator based in Phenix City, Ala. The borrower used the loan to refinance an existing construction loan.
NEW YORK CITY — Cogswell Lee Development, in partnership with architect/developer GLUCK+, has launched sales at 150 Rivington, a residential building located in Manhattan’s Lower East Side. The multifamily building features 45 one-, two- and three-bedroom condominiums ranging from 543 square feet to more than 1,600 square feet. One-bedroom units start at $995,000; two-bedroom condos at $1.6 million; three-bedrooms at $2.7 million; and three-bedroom penthouses at $3.8 million. Slated for completion in the first quarter of 2018, the property will feature a 24-hour attended lobby, superintendent and porter services, a package room, cold storage, bicycle storage, a fitness center, a 1,500-square-foot roof terrace and 12,000 square feet of retail space.
NEW YORK CITY — Kamber Management Co. has launched a $20 million capital investment plan for Tower 45, a 40-story Class A office building located at 120 W. 45th St. in Manhattan. Kohn Pederson Fox will redesign the entrance, façade, lobby and elevator cabs of the 458,446-square-foot property. Additionally, Milo Kleinberg Design Associates is creating new interior design concepts for common areas, including hallways, bathrooms and a new pre-built suite program. Current office tenants at the 26-year-old property include Procter & Gamble, TIBCO Software, Shrodinger, Lipsky Goodkind and Co., and Bobby Van’s Steakhouse.
CONSHOHOCKEN, PA. — A group of like-minded real estate practitioners have formed Capital Markets Real Estate Network to serve investor clients nationwide in all the commercial real estate industry property sectors, including office, industrial, retail, multifamily and self-storage facilities. The new network will target investment sales, financing and 1031 exchanges nationwide, allowing members to win business in institutional and non-institutional commercial real estate sectors. In addition to new business generation, the network will serve members as an information exchange on market conditions, trends, property pricing, sharing best practices and more. The founding firms and members are Edward Ginn, Ken McEvoy and Bart Delfiner of Equity Retail Brokers; Chad Stine and Brad Rohrbaugh of Bennett Williams Commercial; Colin Flynn of The Flynn Company; Gerard O’Malley and Tim McGinley of Duquesne Commercial Funding; and Matthew May of May Realty Advisors. The network plans to identify and recruit broker members in dozens of primary, secondary and tertiary markets nationwide in the next few years.
NEW YORK CITY — NAI Long Island has announced its expansion with the formation of a new division, NAI Queens. The division will specialize in the sale of investment properties in the Queens market, as well as provide other real estate services to Queens clients. Brian Sarath has joined the new division as a senior director. Most recently, Sarath serviced as director of the capital markets group of Massey Knakal, subsequently Cushman & Wakefield, since 2000. To date, Sarath has sold more than 220 buildings and loans with an aggregate value of $620 million.